Repossessed Car Auctions

Question by pcl317: Car was repossessed, then they are trying to sue for balance!?
The car was repossessed 7 months ago, and then they filed a suit for the difference a month ago. Is there any way to prove that what they did, taking it to a dealers auction wasnt legal, or something like that? The cars owners may have to go bankrupt if this isnt resolved. Thing is, if you could have paid in the first place, you would still have the car! So, how is it now legal for them to sue for the difference? Can they put a lien on your home? and if they do, can they make you sell it? THIS one thing may cause them to file and they dont want to.

Best answer:

Answer by GIOSTORMUSN
Simple answer, yes it’s legal. The clause is actually part of the loan contract. They are probably going after the difference since the car was sold at auction below the total balance amount. The only thing that they can try to do is come to an agreement for repayment with the company currently holding the loan contract. Since the vehicle was repossessed it will show up in their credit as a repossession.

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Question by Greg T: Car was repossessed, what should I do?
Hi guys, This morning my car was repossessed after I fell into really tough times financially. I talked to the bank, recovery service etc. I owe say $ 12,000 on my car, and its worth KKB private party aprox. 18,000. I understand it sells at auction when it is repossessed for much lower than that price. I honestly just want it gone. But most importantly A. I dont want it to hurt my credit anymore than it has, and B. I dont want a bunch of debt after they sold it. Basically is it more beneficial to me to get try and put the money together and get it back(for my credits concern)? I was already told the Repo will hurt my credit, does it make a difference now?

Best answer:

Answer by TINA R
No matter the situation it would be better for you to try to get the car back now.

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Question by secretseriousfun: My car was repossessed! Does it pay to reinstate the loan?
I financed a 2001 Mustang convertible. Five year loan. The car was priced at $ 13,000, and the loan total was $ 33,000. Yes – a really cruddy, upsidedown loan.

I’ve made 40 payments (more than $ 20 grand), and there is still $ 10,695 outstanding on the note.

Last week, the car was repossessed. For reasons that I won’t bore you with, I can get the loan reinstated if I pay the payments I missed…. about $ 1,000 total, plus of course horrid fees for towing and storage.

My question is…. is this worth it? I’ll be paying the back payments that I owe, plus fees, and will STILL owe $ 10,695 on a car that now only has a Blue Book value of $ 7,200 or so. And has 82,000 miles on it.

My instincts are to let them auction it and make arrangements to pay the difference between what they get at auction and the $ 10,695 outstanding on the loan. My credit is ruined anyway, soooo…. am I better off to do this, rather than pay the money to reinstate?

THANKS!!!!!!!!!!!!!!

Best answer:

Answer by spifiman1
If the vehicle has not already been reported as a repo? You might have a chance to reinstate the loan and trade it in on something else. You are only $ 3,500.00 upside down and believe it or not that is not a lot any more.

If you do reinstate the loan insist that they not report it as a reclaimed repossession because this will look almost as bad as a straight repo and will show on your credit for 7-years.

If you let it go back, you are going to end up with your credit being ruined and owing them several thousand dollars by the time they sell it for a lot less than it’s worth and then add all of the fees involved.

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Question by MaRRieD MoMMy oF 2 BaBy BoyS: I need some legal advice on a repossessed car?
So my husband and I purchased a car back in 2005 (he was the signer & I the co signer). The car was repossessed (long story). Anyhow, we owed 20 thousand on it but they auctioned it off for 10 thousand which left us owing a balance of $ 9,655 dollars to be exact. Now a law firm (Mitchelle & Kay in New york) has bought the account. They offered me 4,645 to settle the account. I told them I wanted it lower. Now they are offering me 3,880 to settle.

Should I just pay it or try to go lower? If I don’t pay anything do you think they would go ahead and try to sue me for the money?

No rude answers please. I really need some advice.
Thank you =)

Best answer:

Answer by Jay L
tell tehm you cant afford it and make them a offer lower than you can afford and see what happens

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Question by Stressed: if one leases a car, then its repossessed and the car sold at auction, is one liable for the balance?

My friend had her car repossed because of a fault payment. payments were deducted automtically from her account. in july, something happened and the payments were not made. however there was money. so after three months the car was repod. the thing is that she is not in the country and will not be back untill january or so. that is the dilemma she is in. wot to do? the fools at the customer service really dont know anything am sure. i think this is and should be treated differently since she is out of the country. need legal advice or wot steps to take.

Best answer:

Answer by Harley-HST
Yes

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Click the Link and Get Your Free E-Report bit.ly – The banks and lending institutions sell these cars to pay off the existing loan balance, and any fees incurred while repossessing the car. Repossessed cars belong to banks, credit unions, and finance companies. bit.ly

Question by ryan27: Does any one know an auction place where gov. repossessed are sold cheap in Georgia. or a web site.?
vehicles

Best answer:

Answer by lastchance
Well, in Georgia and every other state, local governments, county governments, state governments, and federal government all hold surplus and seized property auctions at different times and different places. Usually they are announced in newspapers on a certain day of the month. Here’s more details:

http://www.leaseguide.com/Articles/carauctions.htm

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